Markus Thielen says the first wave of money entering ETFs also involved retail investors, some of whom paid substantial premiums over the value of the underlying crypto assets. He believes institutions and sovereign wealth funds could still enter the market, and that Bitcoin could reach $90,000 by year-end after a possible decline into the mid-to-high $70,000s. Bitcoin fell to about $76,100 on Friday following Binance’s $6.3 billion hack and ended October down 7.3%. Thielen expects the Federal Reserve to raise interest rates again in December before adopting a more cautious approach that could support Bitcoin, while remaining bearish on Ethereum because too much value from its activity flows to layer-2 networks.
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